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Edited version of private advice
Authorisation Number: 7920133142644
Date of advice: 8 October 2019
Ruling
Subject: Capital gains tax - extension of time
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the 2 year period until xxxx?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner is able to apply his discretion under subsection 118-195(1) of the ITAA 1997 and allow an extension of time. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au and entering Quick Code QC52250 into the search bar at the top right of the page
This ruling applies for the following period:
Year ended 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The property was purchased prior to 20 September 1985.
The deceased passed away.
The property was the private residence of the deceased from the time of purchase.
Since then the property has remained vacant.
The ownership of the property passed to the beneficiaries.
There was a delay in the sale of the property due to a disagreement between the beneficiaries.
The property was sold and settlement occurred.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)